Swiss Banks – Penalty – Statistics

Statistics and visuals linked to the penalties for Swiss Banks within the framework of the US Tax Program and other related settlements.

Updated: Jan 27, 2016

Notes regarding the numbers published by the US Justice Department for Swiss Banks that have reached resolution under the US Tax Program.
Maximum aggregate USD value / Total USD in assets under management
In the June 5, 2014 DoJ communication (Program II.H.) the calculation of the maximum aggregated value (considering declared, voluntary disclosure and undeclared values) is further described. There are different elements to consider and therefore the calculation might vary among the banks.
US-related Accounts
As far as possible the DoJ applies a common standard to define a US-related account. However, there might be differences on how banks counted those accounts due, for example, to the wide range of sizes and business focus.
Another difference in the calculation might arise from the definition of an account itself. In some cases the number of US-related accountholders might be aligned with the number of US-related accounts, but in other cases accountholder might own multiple accounts that are accounted for separately.
Penalty
Besides other statistics, published penalty amount does not fully reflect the volume of undeclared assets during the timeframe of the US Tax Program. It is indeed essential to remember that banks receive a rebate if, for example, they managed to push clients into the IRS voluntary disclosure program. Furthermore, extraordinary cooperation might play a role in reducing the fine as well. It follows that a low penalty amount could be an indication that the bank had very little undeclared US-related assets or that the institution closed undeclared accounts early in the time period of the US Tax Program, or that a lot of their US clients participate in a voluntary disclosure program initiated by the bank, or even that the bank strongly cooperated with the DoJ.
The information is updated on an ongoing basis and subject to change.
Finacor SA, a Swiss asset management firm, is not counted under the Category 2 Banks NPA
*The Category 1 Banks and others include UBS and Wegelin. The Banks and amounts considered are listed on the Banks overview.
Let us know via our Contact page if you come across any error or omission so that we can update the records.